Highrise buildings in WallStreet financial district, New York City.
NEW YORK CITY – George Comfort & Sons, Inc., one of NewYork's oldest real estate firms, is in contract to acquire 44 WallSt. from real estate investment firm EQ Office, local marketplayers told GlobeSt.com.
|Situated in the heart of the Financial District, the 24-storyoffice building sits on the corner of Wall and William Streets. Thesale price is unknown, but local brokers expect the354,208-square-foot property could sell between $212 million to$266 million, or $600 to $750 per square foot.
|New asking rents for tenants are in the $60 per square footrange, which is average for Class A office in the FiDi submarket,according to Marisha Clinton, senior director of research at AvisonYoung, who is not involved in the transaction.
|Overall, the Downtown Manhattan submarket has become a live andwork market with the introduction of different amenity mixes at theWorld Trade Center and One Brookfield Place. Leasing has beenrobust with Class A asking rents ranging from 65 per square foot,specifically in the World Trade Center and Tribeca submarkets,according to Avison Young data.
|Top performers for leasing in the area were 101Greenwich St.,averaging rents of $72 per square foot, and 180 Maiden Lane and 28Liberty Street with average rents of $70 per square foot.
|"The office market is tightening up down there," James Nelson,principal and head of tri-state investment sales at Avison Youngwho is not involved in the transaction, tells GlobeSt.com. "A lotof the activity is because the market has become muchmore of a 24/7 area, and people can live and work there."
|In general, the New York office market is still seeing steadyinvestor demand for buildings with little supply for buyers toperuse through. Office product that has come to market appear tohave very competitive bidder pools, Ronald Solarz, executivemanaging director of investment sales at Newmark Knight Frank whois not involved in the transaction, tells GlobeSt.com.
|"Anytime a deal comes to market, it generally sells," he said."When I speak to buyers, they're all saying the same thing; 'thereisn't a lot to look at.'"
|Calls to George Comfort & Sons and EQ Office werenot returned by press time.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Unlimited access to GlobeSt and other free ALM publications
- Access to 15 years of GlobeSt archives
- Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
- 1 free article* every 30 days across the ALM subscription network
- Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
